Tech

Facebook Could Soon Be Competing Against The Streaming Giant Netflix

By Monica U Santos , Dec 16, 2016 02:57 AM EST
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Facebook is planning to offer its own original video content. Ricky Van Veen, Facebook’s head of global creative strategy, confirmed the company was looking into funding original and licensed content. Is this the first move of the social media giant Facebook to compete with Netflix?

Facebook Plans To Compete Against Netflix

"Earlier this year, we started rolling out the Video tab, a dedicated place for video on Facebook. Our goal is to kick start an ecosystem of partner content for the tab, so we're exploring funding some seed video content, including original and licensed scripted, unscripted, and sports content, that takes advantage of mobile and the social interaction unique to Facebook," Van Veen said in a statement.

According to iNews, Facebook has more than 1.79 billion monthly active users, giving any TV programming or films an enormous captive audience. The fact that Facebook does not charge for its accounts would give it a significant advantage over online streaming giants Netflix and Amazon Prime Video, which charge users monthly. The company has also shown in the past that it is willing to shell out money for video.

The social media platform is already a major destination for video content. In fact, just last March, The Street reported that Facebook signed contracts with nearly 140 media companies and celebrities, including CNN and The New York Times, Kevin Hart, Gordon Ramsay and Deepak Chopra, to create videos for its then-new Facebook Live streaming service.

Is Netflix Slowing Down?

Both Mashable and Re-code reported news of the development Wednesday, which comes as no surprise given the popularity of the social media's live-streaming app, Facebook Live. Despite this, Netflix shows no sign of slowing down. They are planning more and more ideas for their loyal subscribers.

Ted Sarandos, Netlix’s chief content officer, has confirmed the platform’s plans to release an average of one new series a week throughout 2017, and the company’s recent decision to make its content downloadable to view offline has aligned it to compete more directly with the likes of BBC iPlayer and Channel 4’s All4 in the UK.

 

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